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There are plenty of people who don’t like the idea of having to deal with their finances. In reality, though, this is an important part of any person’s life. If you’re in the situation where you have to pay off your debts on a regular basis, it can be very difficult.
This is why it’s very important that you get the right cash advance apps. These are apps that will help you with your financial needs so that you can be on top of your finances and avoid paying back any unnecessary debt that may come up in the future.
What is a Cash Advance App?
Cash advance apps allow you to borrow money from your next paycheck without having to wait until you receive it. This quick fix can be useful if you need cash quickly. Like other financial options, borrowing money costs you interest, but these apps are not like credit cards or personal loans. Instead, the interest of some apps take form of monthly or annual fees that increase the amount you borrow. Many apps suggest that you tip the lenders you use.
How Cash Advance App Works?
Cash advance apps monitor your spending and offer you cash advances that range from $20 to $500. How much you can borrow depends on several factors — your credit history, bank account balance, how many hours you work, and if you have a bill to pay.
Because these apps assess your credit based on the amount of money you earn and spend, they can be intrusive. Some cash advance apps also require that you upload your work schedule or agree to GPS tracking so that they can verify that you actually work.
Cash advance companies typically charge low fees, no good credit requirement, and don’t charge interest. Payday and installment loans are predatory and can charge high interest rates and fees that range up to 300%.
Best Cash Advance Apps
Earnin: Best for Paying Less
Earnin is a new platform that aims to make the money system fair by helping workers escape the cycle that holds back their wages. Earnin lets you borrow as much as $250 every pay period, but the amount you can borrow depends on how many hours you’ve worked. Earnin doesn’t charge you any money to use its service, but you will need to upload your work schedule to get a cash advance.
Dave: Best for Preparedness
Dave is a different kind of lending service that allows you to borrow up to $250 each pay period, and it does it instantly. When you have funds that are about to go over, it alerts you to make a request to have it repaid immediately. You can also request a cash advance to cover the cost of your next payday. There’s no requirements of interests and credit checks.
Brigit: Best for Budgeting
Brigit offers both a free and a paid subscription. You can borrow up to $250 from your next paycheck if you need extra cash fast. If you want to get an instant cash advance, you need to pay for it each month (starting at $9.99). It’s more expensive to get an advance from Brigit, but it’s free to borrow money the same day with a debit card. Brigit lets you borrow up to $250 every pay period, and it will monitor your account and automatically send you a loan when you are in danger of running out of money.
Chime SpotMe: Best Protection from Overdraft
Chime SpotMe is a free service that helps you get up to $200 off your next pay period if your account goes over its limit. It is a must to have received $200 in a qualifying direct deposit into your Chime account in the last 34 days. If you get a paycheck that comes in via direct deposit, you can borrow up to $200.
MoneyLion: Best for Variety
MoneyLion allows you to borrow up to $250 from your next pay period — with no interest or credit checks required. It’s available to you 24/7, and the money will appear in your account within seconds. The RoarMoney feature gives you the option to receive money from your next paycheck two days before it arrives in your account.
Klover: Best for Few Advance Needs
Klover is a monthly subscription-based cash advance app that charges a small Klover+ fee of $2.99 per month to have access to your money. It’s for people who regularly earn money and who only require small advances of up to $100 per pay period — along with the choice to increase that amount to $130 for extra activities. But it costs up to $9.99 to process your advance — which is more than some other cash advance apps like Dave or Brigit. It’s best for people who only need to get a small advance, and who don’t need to get it immediately.
B9: Best for Full Paycheck Access
B9 Cash advances you up to 100% of your money as soon as you get your next paycheck — sometimes as early as 15 days before your next pay day. There’s no fee for getting a cash advance before your next paycheck arrives — and there’s no need to give a tip when you request a cash advance — but it takes building your payment and income history to get a full advance. B9 charges a monthly fee of $9.99, which is similar to that of Brigit, but you get to access more of your money sooner, so for some people it’s a better value.
Vola Finance: Best for Freelancers
Vola Finance is a monthly charge-based app that lets you get up to $300 in cash advances. It charges a minimum of $2.99 per month to access the service. Vola doesn’t require that you work regularly to get a cash advance — and you don’t have to be a regular employee to be able to request one. So long as you have an account balance of $150 or more and have deposited money into the account, you may qualify for up to $300 per payday. Vola provides cash advances as well as a way to keep track of your money to avoid paying overdraft fees.
These are the best cash advance apps that are currently available. Each of these apps is useful in different ways, and you can use them in combination with each other to achieve a better financial life. Try each of these cash advance apps and see which one works best for you.